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Brexit: Goldman chief warns City of London will ‘stall’

City

Goldman Sachs chief executive Lloyd Blankfein says Brexit risks will “stall” UK financial services, and that his firm has contingency plans based on varying outcomes from negotiations with the European Union.

Goldman Sachs employs 6,500 people in the UK, but in an interview with the BBC, Blankfein confirmed the bank has been in talks with cities across Europe and has been looking at office space.

However, he said he would prefer to keep as many jobs as possible in the UK.

Blankfein stopped short of predicting the City’s expansion over the last three decades would reverse.

“It will stall, it might backtrack a bit, it just depends on a lot of things about which we are uncertain and I know there isn’t certainty at the moment.”

Blankfein said a transitional deal was required to protect the “long-term stability of huge economies with hundreds of millions of people”.

Regarding rising tensions between Prime Minister Theresa May and the EU’s 27 member countries, Blankfein says: “A couple of years is a long time for people to calm down and really take stock of what their long term economic interests are.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Oh how finance loves uncertainty! Not!

  2. Charlie Farnsbarns 5th May 2017 at 2:22 pm

    Oh dear.

    Would this be the same GS who tried to pressure the UK into joining the euro, and predicted calamity if we didn’t?

    Or the same GS who predicted UK growth for 2017 as 0.2%?

  3. He may well have been very prescient now that Macron is President. If Macron succeeds in his aim of changing French labour laws this will indeed make France a lot more attractive to not only British, but US firms too. He could sell the idea by convincing the electorate that by loosening the labour laws there will be an influx of firms all contributing to an ever successful and expanding French economy.

    Anyway if conditions are right who wouldn’t relish working in Paris or Lyon? Easy reach to the French and Italian Riveras. Easy reach of Skiing. Wonderful food and wine and a great lifestyle.

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